Guideline Value for Balammal Nagar 2nd Cross Street

Balammal Nagar 2nd Cross Street guideline value

The current guideline value of Balammal Nagar 2nd Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village under the Alandur SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Balammal Nagar 2nd Cross Street has changed

The guideline value for Balammal Nagar 2nd Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 232 per sq.ft, which increased to Rs 260 per sq.ft in 2003. This was followed by a significant rise to Rs 1,000 per sq.ft in 2007, and then a decrease to Rs 2,500 per sq.ft in 2012. The value then dropped further to Rs 1,675 per sq.ft in 2017, before increasing to Rs 2,500 per sq.ft in 2023, and finally reaching Rs 2,800 per sq.ft in 2024. The changes between these revisions include a 12% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 150% increase from 2007 to 2012, a 285% increase from 2003 to 2007, and a 12% increase from 2002 to 2003.

Overall, from 2002 to 2024, the guideline value has increased by 1107%. The register has no figures for revisions in years other than those listed above.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,800 per sq.ft, which is equal to the current figure for Balammal Nagar 2nd Cross Street.

• Balammal Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 3th Cross Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 4th Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Balammal Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balammal Nagar 2nd Cross Street?

The Sub Registrar Office that covers Balammal Nagar 2nd Cross Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Ullagaram

The guideline value plays a crucial role in the registration process when buying or selling property in Ullagaram. It serves as a benchmark for determining the value of the property for the purpose of calculating stamp duty and registration fees. The guideline value is set by the government and is updated periodically to reflect changes in the real estate market.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions. Understanding the guideline value is essential for both buyers and sellers to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Balammal Nagar 2nd Cross Street?

The current guideline value of Balammal Nagar 2nd Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 232 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, with various increases and decreases through the years.

What is the land classification for Balammal Nagar 2nd Cross Street?

Balammal Nagar 2nd Cross Street falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Balammal Nagar 2nd Cross Street?

The Sub Registrar Office for Balammal Nagar 2nd Cross Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 at 7%.